Financial Performance - Consolidated net sales for the three months ended September 30, 2023, were $7.97 million, a decrease of 6% compared to $8.52 million for the same period in 2022[103] - Ranor's net sales were $4.5 million, down $0.4 million or 9% year-over-year, primarily due to a different mix of products and supply chain impacts[106] - Stadco's net sales were $3.6 million, a slight increase of 1% compared to $3.59 million in the prior year, with mixed performance across different customer segments[107] - Consolidated net sales for the six months ended September 30, 2023, were $15.3 million, a decrease of 2% compared to $15.6 million for the same period in 2022[127] - Ranor's net sales decreased by $0.7 million, or 7%, to $8.9 million, while Stadco's net sales increased by $0.4 million, or 8%, to $6.3 million[128][129] Cost and Profitability - Consolidated cost of sales increased by 2% to $6.93 million for the three months ended September 30, 2023, compared to $6.78 million in the same period last year[109] - Gross profit decreased by $0.7 million or 41%, with a gross margin of 13% for the three months ended September 30, 2023, down from 20.4% in the prior year[109] - Ranor's gross profit fell by $1.0 million or 48% due to lower revenue and a less favorable project mix[110] - Consolidated gross profit for the six months ended September 30, 2023, was $1.7 million, a decrease of $0.8 million, or 32%, compared to $2.6 million in the prior year[130] Operating Performance - Operating loss for the three months ended September 30, 2023, was $0.6 million, compared to an operating loss of $0.1 million in the same period last year[117] - Ranor's operating income decreased by $1.4 million, or 48%, to $1.5 million, while Stadco's operating loss narrowed by $987,000, or 45%, to $1.2 million[137] - For the six months ended September 30, 2023, the company reported an operating loss of $1.2 million, which is $0.5 million higher than the operating loss for the same period in 2022[140] Net Income and Loss - The company recorded a net loss of $1.1 million, or $0.12 per share, compared to a net loss of $0.1 million, or $0.01 per share for the same period in 2022[148] - Net loss for the three months ended September 30, 2023, was $0.5 million, compared to a net income of $0.4 million in the same period of 2022[182] Tax and Other Income - The company recorded a tax benefit of $176,698 for the three months ended September 30, 2023, compared to a tax expense of $135,509 in the same period last year[122] - The company recorded a tax benefit of $323,128 for the six months ended September 30, 2023, compared to a tax benefit of $38,205 for the same period in 2022[146] - Other income (expense), net for the three months ended September 30, 2023, was $40,875, a decrease of 44% compared to $73,561 in the prior year[119] Backlog and Orders - The defense backlog remains strong, with new orders related to U.S. Navy and Marine Corps programs continuing to flow from existing customers[105] - The backlog at Ranor as of September 30, 2023, was $19.1 million, while Stadco's backlog was $25.5 million[128][129] Liquidity and Debt - Total available liquidity as of September 30, 2023, was $3.2 million, consisting of $0.1 million in cash and approximately $3.1 million in undrawn capacity under the Revolver Loan[150] - Working capital was negative at $(740,000) as of September 30, 2023, a decrease of $6.3 million from $5.6 million at March 31, 2023[158] - Long-term debt obligations totaled $7.1 million, classified as current due to potential covenant violations[181] - The company had $7.1 million outstanding under the amended loan agreement with Berkshire Bank as of September 30, 2023[151] Capital Expenditures and Investments - The company invested $2.7 million in new factory machinery and equipment for the six months ended September 30, 2023, primarily for contract project work[162] Interest and Expenses - Interest expense increased by 46% to $205,164 for the six months ended September 30, 2023, compared to $140,628 for the same period in 2022[143] Financial Covenants - The Company agreed to maintain a Cash Flow-to-Total Debt Service ratio of not less than 1.20 to 1.00, measured quarterly[174] - The Balance Sheet Leverage must be less than or equal to 2.50 to 1.00, tested quarterly[177] - The Company committed to combined annual capital expenditures not exceeding $1.5 million, tested annually[177] - The Loan-to-Value Ratio must not exceed 0.75 to 1.00, based on the fair market value of collateral[178] Off-Balance Sheet Arrangements - The Company has no off-balance sheet arrangements as of September 30, 2023[180]

TechPrecision Corporation (NASDAQ:TPCS) Q1 2024 Earnings Conference Call August 21, 2023 4:30 PM ET Company Participants Brett Maas - Hayden IR Alexander Shen - Chief Executive Officer Barbara Lilley - Chief Financial Officer Conference Call Participants Rob Straus - Private Investor Ross Taylor - ARS Investment Partners Kris Tuttle - Blue Caterpillar Investments Operator Greetings. Welcome to the TechPrecision Corporation Fiscal 2024 First Quarter Financial Results Conference Call. At this time, all partic ...

Financial Performance - Consolidated net sales for the three months ended June 30, 2023, were $7.4 million, a 4% increase compared to $7.1 million for the same period in 2022[100]. - Ranor's net sales decreased by $0.2 million, or 5%, to $4.5 million for the three months ended June 30, 2023, with a backlog of $21.8 million[101]. - Stadco's net sales increased by $0.6 million, or 26%, to $3.0 million for the three months ended June 30, 2023, with a backlog of $24.5 million[102]. - Consolidated gross profit decreased by $0.1 million, or 15%, to $0.7 million for the three months ended June 30, 2023, with a gross margin of 9.4%[103]. - Ranor's gross profit decreased by $0.6 million, or 30%, primarily due to lower revenue and a less favorable project mix[104]. - Stadco's gross profit was negative for the three months ended June 30, 2023, but losses narrowed compared to the same period in 2022[105]. - Operating loss for the three months ended June 30, 2023, was $580,000, slightly higher than the operating loss of $558,000 for the same period in 2022[110]. - Net loss for the three months ended June 30, 2023, was $527,455, or $0.06 per share, compared to a net loss of $501,165, or $0.06 per share for the same period in 2022[117]. - EBITDA for the three months ended June 30, 2023, was negative $19,000, a decrease of $13,000 from negative $6,000 in the same period of 2022[149]. - The Company reported a net loss of $0.5 million for the three months ended June 30, 2023, compared to a net loss of $0.501 million for the same period in 2022[149]. Costs and Expenses - Consolidated cost of sales for the three months ended June 30, 2023, was $6.7 million, a 7% increase compared to $6.3 million for the same period in 2022[103]. - Consolidated SG&A expenses for the three months ended June 30, 2023, decreased by approximately $101,000, or 7%, compared to the same period in 2022[107]. - The Company plans to closely monitor expenses and may reduce operating costs to enhance liquidity due to recurring operating losses at the Stadco subsidiary[121]. - The company is closely monitoring expenses and may reduce operating costs and capital spending to enhance liquidity[164]. Liquidity and Debt - Total available liquidity as of June 30, 2023, was $2.7 million, consisting of $0.3 million in cash and $2.4 million in undrawn capacity under the Revolver Loan[123]. - Cash provided by operating activities for the three months ended June 30, 2023, was approximately $115,000, a significant decrease from $1.4 million in the same period in 2022[128][129]. - Total debt as of June 30, 2023, was $7.6 million, an increase of $1.5 million compared to $6.1 million at March 31, 2023[126]. - As of June 30, 2023, the Company had approximately $2.3 million outstanding under the Revolver Loan, up from $650,000 at March 31, 2023[139]. - The weighted average interest rate on the Revolver Loan at June 30, 2023, was 7.31%[124]. - The Company has a long-term debt obligation totaling $7.6 million, with $2.0 million due as a balloon payment in December 2027[150]. Financial Covenants and Compliance - The Company agreed to maintain a Cash Flow-to-Total Debt Service ratio of not less than 1.20 to 1.00, tested quarterly[142]. - The Company must keep its Balance Sheet Leverage at or below 2.50 to 1.00, with compliance tested quarterly[143]. - The Loan-to-Value Ratio must not exceed 0.75 to 1.00, based on the outstanding balance of the Ranor and Stadco Term Loans[144]. - The Company has identified two material weaknesses in internal control over financial reporting as of March 31, 2023, which persisted as of June 30, 2023[156]. - The Company has committed to a remediation plan to address the identified material weaknesses, including the development of new procedures and policies[158]. - The company believes it is probable that it will breach certain covenants under its loan agreement with Berkshire Bank within the next 12 months, raising substantial doubt about its ability to continue as a going concern[163]. - The company has determined it is in compliance with the financial covenants as of June 30, 2023, but expects potential noncompliance by September 30, 2023[163]. - The consequences of any default or waiver could materially and adversely affect the company's business, financial condition, and results of operations[165]. Operational Strategy - The company relies on individual purchase orders rather than long-term contracts, impacting revenue generation[82]. - The company continues to seek long-term projects with predictable cost structures to enhance revenue stability[88]. - The company plans to increase utilization of manufacturing capacity at its Stadco subsidiary and improve manufacturing processes to meet financial covenants[164]. - If the company fails to comply with the financial covenants, it may seek waivers or forbearances from the lender, which could lead to increased costs and restrictive covenants[164]. - There is no assurance that the company will successfully achieve compliance with the financial covenants through operational changes[164]. - The potential need for additional equity financing could adversely affect stockholder rights and lead to dilution of existing shares[164].

TechPrecision Corporation (NASDAQ:TPCS) Q4 2023 Earnings Conference Call June 15, 2023 4:30 PM ET Company Participants Brett Maas - Hayden IR Alexander Shen - CEO, President & Director Thomas Sammons - CFO Conference Call Participants Kris Tuttle - Blue Caterpillar LLC Mark Gomes - Pipeline Data, LLC Ross Taylor - ARS Investment Partners Richard Greulich - REG Capital Advisors Operator Greetings. Welcome to the TechPrecision Corporation Fourth Quarter Fiscal 2023 Financial Results Conference Call. [Operator ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended March 31, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________________ to __________________ Commission File Number: 000-51378 TechPrecision Corporation (Exact name of registrant as specified in its char ...

TechPrecision Corp (NASDAQ:TPCS) Q3 2023 Earnings Conference Call February 14, 2023 4:30 PM ET Company Participants Brett Maas - Hayden IR Alexander Shen - CEO, President & Director Thomas Sammons - CFO Conference Call Participants Ross Taylor - ARS Investment Operator Good day, everyone, and welcome to the TechPrecision Corporation Third Quarter Fiscal 2023 Financial Results. [Operator Instructions]. It is now my pleasure to turn the floor over to your host, Brett Maas. Sir, the floor is yours. Brett Maas ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 000-51378 TechPrecision Corporation (Exact name of registrant as specified in its charter) | Delaware | | 51-0 ...

TechPrecision Corporation (NASDAQ:TPCS) Q2 2023 Earnings Conference Call November 17, 2022 4:30 PM ET Company Participants Brett Maas - Hayden Investor Relations Alexander Shen - Chief Executive Officer Thomas Sammons - Chief Financial Officer Conference Call Participants Ross Taylor - ARS Investment Partners Richard Greulich - REG Capital Advisors Operator Good afternoon, ladies and gentlemen, and welcome to the TechPrecision Corporation Fiscal 2023 Second Quarter Financial Results Conference Call. At this ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 000-51378 TechPrecision Corporation (Exact name of registrant as specified in its charter) | Delaware | | 51-05398 ...

TechPrecision Corporation (NASDAQ:TPCS) Q1 2023 Earnings Conference Call August 22, 2022 4:30 PM ET Company Participants Brett Maas - Hayden Investor Relations Alex Shen - President & Chief Executive Officer Tom Sammons - Chief Financial Officer Conference Call Participants Ross Taylor - ARS Investment Partners Operator Good day, ladies and gentlemen, and welcome to the TechPrecision Corporation Fiscal 2023 First Quarter Financial Results Conference Call. At this time, all participants have been placed on a ...